North West Power!
As much as we talk about a North/South divide, the UK is also experiencing an East/West rift. And the North West is where business is winning.
Here at Praetura Commercial Finance’s base in Manchester, we are certainly seeing first-hand how the North West is cutting a dash across the UK economic landscape. Between Manchester and Liverpool, we are, and are set to continue, to give London and the South East a run for their money.
According to EY’s regional economic forecast, Manchester is forecast to be the strongest performing city in terms of both Gross Value Added (GVA) and employment growth. GVA is set to grow by 2.4% between now and 2020 and employment growth is forecast at 1.2% over the same time period.
This positive outlook stems a great deal from the substantial investments made in the city over the last decade. Three sectors in particular have made a major impact – business, financial and professional services; cultural, creative and digital; and science, research and development.
Manchester City Council’s vision is “for Manchester to be in the top flight of world-class cities in 2025…with a competitive, dynamic and sustainable economy that draws on its distinctive strengths in science, advanced manufacturing, culture, creative and digital business to cultivate and encourage new ideas…with highly skilled, enterprising and industrious people”.
According to its ‘State of the City’ report last year, science, research and development is forecast to enjoy jobs growth of 15.9% between now and 2025, excluding manufacturing. Retail, construction and health are also set to have a positive growth impact.
Liverpool has also been cited as one of the UK’s fastest growing cities. With an economy worth more than £149 billion, a skilled workforce of over 28,000 and over 6 million customers, the city is making a mark reminiscent of its power at the height of the industrial revolution.
This growth is not centred on older established industries. But these are still playing an important role, as witnessed by Liverpool’s famous docks’ £300 million regeneration, which will see it become one of Europe’s largest super container ports, capable of handling 95% of the world’s cargo ships.
According to the Office for National Statistics (ONS), Liverpool has the second fastest growing creative and digital sector in the UK, which is set to expand by 119% by 2020. It also has the UK’s largest wealth management centre outside of London, handling over £13 billion in assets.
Here at Praetura Commercial Finance, our pride for and deep connection with the North West means that we are there by the side of local businesses both today and tomorrow. We know, live in and love the region and it’s why we are increasingly viewed as the go-to asset based lender, enabling more SMEs to gain the transformational funding they need to realise their potential.
So pass me a Vimto and let’s champion further North West success!